Whale Takes $340 Million Leverage Short Position on Bitcoin Market

A notable entity in the cryptocurrency space has made a substantial move in the market by opening a $340 million leverage short position on Bitcoin. According to data from Coinbob, this large-scale investor, known as the 'Strategy Whales' address, initiated its position at an early price of around $65,270.

The whale's position size currently stands at $34.3 million, with an average price of $65,300 and a liquidation price of $84,200. The entity's floating loss amounts to approximately $230,000 (-27%).

This is not the only notable short position held by the 'Strategy Whales' address. It also holds the largest short seller position in both on-chain BTC and DASH. Interestingly, its DASH short position has reduced significantly, leaving behind a remaining position with a floating profit of $4.1 million (581%) at an average price of $71.3.

The entity's trading strategy is centered around contrarian tactics, where it prefers to bet against the market's sentiment and capitalize on potential rallies or drops in prices. This approach is exemplified by its earlier large-scale short position established during MicroStrategy's (MSTR) period of heavy BTC accumulation.